Menu

If this is your first visit, be sure to
check out the FAQ by clicking the
link above. You may have to register
before you can post: click the register link above to proceed. To start viewing messages,
select the forum that you want to visit from the selection below.

SINGAPORE - [b]Singapore's industrial production in May slumped by a much-bigger-than-expected 12.8 per cent from a year ago, pulled down by a 55.1 per cent drop in biomedical output, the government said Thursday. [/b]

Analysts had projected a fall of 2.5 per cent for May.

On a seasonally adjusted basis, industrial output last month fell 5.7 per cent from April, the Economic Development Board (EDB) said in its monthly report.

"Production in May dropped 12.8 per cent compared to the same month last year, largely due to a contraction in the biomedical manufacturing cluster," said the EDB.

The sharp plunge in biomedical output was due mainly to the pharmaceuticals segment, which shrank 58.2 per cent because a different batch of ingredients was produced, it said.

Precision engineering also declined last month with output down 4.8 per cent on the year, but other sectors fared better. The EDB reported increased output in electronics, chemicals and transport engineering.

Electronics output gained 3.8 per cent in May. Almost all electronics segments recorded higher production but information and communications, and consumer electronics, were exceptions, the EDB said.

Chemicals production was up 2.2 per cent and transport engineering increased 13.0 per cent, boosted by the robust marine and offshore engineering industries, it said.

Singapore's monthly manufacturing report is widely monitored as the sector accounts for a third of the city state's gross domestic product, worth 243 billion Singapore dollars in 2007.

The export-reliant economy grew slower than estimated in the year's first quarter, at 6.7 per cent, as demand weakened due to a slowdown in the United States and other key markets, the government has said. - AFP/ir